Micrologix announces $40 million financing
VANCOUVER, March 8 /CNW/ - Micrologix Biotech Inc. is pleased to announce
that it has agreed to a $40 million financing with a syndicate of underwriters
co-led by TD Securities Inc. and Yorkton Securities Inc. and including RBC
Dominion Securities Inc., Goepel McDermid Inc. and Canaccord Capital
Corporation.
The underwriters have agreed to purchase on a private placement basis,
4,000,000 special warrants at a price of $10.00 per special warrant. Each
special warrant will entitle the holder to acquire, at no additional cost, one
common share of Micrologix. The completion of the special warrant financing is
subject to regulatory approvals and certain other customary conditions and is
expected to close on or about March 20, 2000.
The proceeds from the financing will be used principally to fund later
stage clinical development of MBI 226, Micrologix's lead drug product for the
prevention of central venous catheter-related bloodstream infections and to
advance other products through clinical trials. In January 2000, MBI 226
successfully completed Phase II; the Company plans to initiate Phase III
clinical trials in Q3 2000. These studies will form the basis for a New Drug
Application to market MBI 226 in the United States. Proceeds from the
financing will also be used to fund Phase II clinical trials of MBI 594AN for
the treatment of acne and MBI 853NL for the prevention of Staphylococcus
aureus (S. aureus) hospital-acquired infections. Each of these drug products
is in Phase I trials in the US with Phase II anticipated to commence in H2
2000.
Micrologix Biotech Inc. is a biopharmaceutical company developing novel
drugs to treat severe and life-threatening diseases-particularly those caused
by antibiotic-resistant microorganisms. Micrologix was granted fast track
designation by the US Food and Drug Administration for MBI 226, an
antimicrobial drug product for the prevention of central venous
catheter-related bloodstream infections which the Company anticipates will be
in Phase III clinical trials in Q3 2000. In Q1 2000, Micrologix initiated
Phase I clinical trials of MBI 594AN for the treatment of acne and MBI 853NL
for the prevention of hospital-acquired S. aureus infections. The Company
anticipates completing both trials by mid-2000. Micrologix's portfolio of drug
candidates is based on improved analogs of the anti-infective peptide
compounds found in the host-defense systems of most life forms. |
